Okay, there are many obstacles facing people wanting to buy a home in the buyer's market we currently have. Let's be honest!
1. FHA now has a minimum score of 620(some still accept 600) which this has never been the case before.
2. FHA is requiring 3.5% down, whereas previously was 3% down.
3. No scores are not acceptable for most lenders even with alternative tradelines, unless you have open lines of credit other than collections on your report.
Now on to the positive things for the buyer right now:
1. You can save thousands on a property and pay less house payment than your rent for something much nicer!
2. The government is offering incentives to first time homebuyers up to $8000...which some buyers have received within 2 weeks of closing on their new home!
3. If you live in the state of TN and meet certain guidelines you can actually get your $8000 for a downpayment in advance rather than waiting until after closing(this is to be repaid when you do receive the monies from the goverment after closing on the home).
This means if you do not currently have the dowmpayment of 3.5% that FHA requires, you can get an interest free loan from THDA for the downpayment and still take advantage of this wonderful opportunity!
Call me today and let's see if we can make the American Dream a reality for you!